Controlling directors have only been allowed to be members of occupational pension schemes since 1973. In 1979 following what the Superannuation Funds Office (SFO) described as ‘about three years’ experience with applications for tax approval of Small Self-Administered Schemes’, the SFO issued Memorandum 58. This set down the guidelines by which SSASs were to be governed. Jonathan’s late father, Ken Hovers, was heavily involved in this paper, regularly travelling to London to meet with ministers and agree the template for a more formal and acceptable HMRC approved SSAS pension scheme regime; and as such the family involvement in SSAS began.
Jonathan joined the family business in May 1988, coincidentally also the date of the start of the Financial Services Act. Having previously been in retail management, he had no experience of pensions, so spent the first two years learning the ropes of SSAS pensions and the advantages to business owners. He was formally approved by HMRC to be a Pensioneer Trustee in 1990, and took over running all the firm’s schemes later that year following the untimely and sudden death of his father.
The original Ken Hovers (Pension Consultants) business established in 1978 was replaced by the shorter named Kenver in 2005, which in 2011 became Pool House Trustees, and now the newest chapter has begun with the purchase of Pension Management. A long history continuing.
SSAS has seen many changes, from the original Pensioneer Trustee role being removed on “A-Day” in April 2006 and replaced with Practitioner and Administrator, a £300 maximum fine being replaced by 55% unauthorised payment tax charges, to wider HMRC limits on funding including the Lifetime and Annual Allowances. However, a SSAS still remains a key tool for many small medium enterprise businesses to assist in its planning and growth.
Jonathan is also a Chartered Financial Planner, further holding the Fellowship of the Personal Finance Society and an MSc in Financial Planning and Business Management (the latter achieved last and studied for in his 50s!).
Outside of work Jonathan is a keen sports fan. In his younger years, he enjoyed mountain marathons and also entered the Great North run, but now he enjoys the more sedate pursuits of golf and skiing, as well as being a spectator, having been an Aston Villa season ticket holder for over 30 years.
